Leaders Tout Borough’s Opportunities and Potential at HGAR’s Bronx County Day Event

BRONX—Approximately 90 members gathered at the Castle Hill YMCA to participate in the Hudson Gateway Association of Realtors Third Annual Bronx County Day held on Sept. 12. The program featured the latest association news, along with legislative initiatives and needs put forth by New York State political leaders.

A lively economic development session followed that highlighted some of the major projects planned for the Bronx in the coming years. The program concluded with a Legal Update that focused on the National Association of Realtors commission settlement and its impact on the real estate industry by John Dolgetta, Esq., principal of Dolgetta Law, PLLC of White Plains.

The program began with a welcome address by Joseph Cosentino, Regional Director and Chapter Representative Bronx for HGAR. Bronx Borough President Vanessa L. Gibson welcomed HGAR to the borough and spoke of the progress made in the Bronx and the work that needs to be done to improve the quality of life in the borough. Lynda Fernandez, RCE, CAE, the Chief Executive Officer of HGAR, provided an update on association initiatives as well as the latest data on the Bronx housing market.

One of the highlights of Bronx County Day was a comprehensive look at the economic development climate in the borough. Rob Walsh, president of the Bronx Overall Economic Development Corporation, listed a host of projects planned or under construction that will provide jobs and investment, including the Hip-Hop Museum and the Bronx Logistics Center to name just a few.

However, Walsh and former Bronx Borough President Reuben Diaz Jr. described the recent approval by the New York City Council of the rezoning of the East Bronx as a “monumental step forward” and a “game changer” for the Bronx.

Last month, the New York City Council approved the Bronx Metro-North Station Area Study rezoning proposal with modifications. The rezoning will pave the way for the development of thousands of units of new affordable housing and invest in neighborhood infrastructure improvements surrounding new Metro-North train stations to be built in the Bronx as part of the more than $3-billion Penn Station Access Project, which is currently under construction.

The rezoning will help create approximately 7,000 new units of housing in and around the four new MTA stations to be developed— Hunts Point, Parkchester/Van Nest, Morris Park, and Co-Op City, which will connect commuters in the East Bronx directly to Manhattan’s Penn Station once completed.

The New York City Council announced that in connection with the committee’s approval of the rezoning plan, the council successfully negotiated commitments from the Adams administration to invest $498.5 million for improvements to the surrounding neighborhoods.

Diaz, who now serves as the Senior Vice President, Strategic Initiatives, Montefiore Einstein, told Real Estate In-Depth that the rezoning will allow Montefiore to consolidate its campuses as well as expand its cancer and life sciences sections and dormitory facilities.

He said the rezoning and Penn Access project “will be a way for us to reimagine the whole area. We are going to end up being the paradigm of health care.”

The former Borough President, who lamented that the Covid pandemic robbed the Bronx of its economic momentum, said the rezoning will foster significant housing and office development in the East Bronx.

“Montefiore-Einstein specifically, we are going to be (developing) what I call a ‘wellness village.’ We are going to be what tech is in the Silicon Valley, that’s what we are going to be for health care.”

He estimated that 30% of the land affected by the rezoning is owned or controlled by Montefiore-Einstein.

“We are going to need more FAR (Floor Area Ratio) so that we can create a Cancer Center, a High Acuity Service Tower and more dorms."

He said that there is a potential for Montefiore-Einstein alone to build approximately 1.8 million square feet of new development in the East Bronx thanks to the rezoning approval.

The Economic Development Session also featured some of the movers and shakers in the Bronx including: Lisa Sorin, President, Bronx Chamber of Commerce; David Simone, President, Company Broker, Concourse Realty and Rafael Roger, President, The Business Initiative Corporation of New York. Kathy Zamechansky, Owner and President of KZA Realty Group was the moderator of the panel.

A highly informative Legislative Session featured moderators Matthew Engel, President, Langsam Property Services and Sandra Erickson, President, Sandra Erickson Real Estate. The panel included New York State Senator Luis R. Sepulveda (District 32); New York State Senator Nathalia Fernandez (District 34); New York State Assemblyman Member Landon C. Dais (District 77); New York State Assemblyman John Zaccaro Jr. (District 80) and New York State Assemblymember Amanda Septimo (District 84). New York State Assemblymember Yudelka Tapia (District 86) also attended the Bronx County Day.

The sponsors of Bronx County Day were: OneKey MLS - Premier Sponsor and LLK Solar - Gold Sponsor.